We will start trading on Monday with the indices at major reference levels.
I want to start with a chart of the Bank Nifty Future.
This profile chart clocked from the 21st of June shows the downtrend till the 30th of June, the balancing of the profile from the 30th of June till the 5th of July and the subsequent move thereafter.
The current chart of the last working day, shows again value being created upwards, hence the trend remains up.
I’ve also market out 9715-9756 which is a seller zone, where the buyers will be tested.9580 and 9480 would be two important supports for the market for this week.
Market profile students would have known the positioning of value downwards in the first part as sellers being strong, the balancing in the middle shows equilibrium returning and now the value areas pointing up shows buyers in control.
Classic Buyer-seller action in that chart.
The chart of the Nifty, though showing the same trend has a bit on uncertainty in the middle.
Have a look :
The two 80+ point moves up and down on the 29th & 30th and that on the 6th and 7th were noisy as participants tried to seize control, but the upward movement of value in the last two sessions is not in doubt.
But as we have been pointing out repeatedly, only a close above 5367 seals the move- up for the buyers.
5308 should emerge as an initial support for the market for the coming week.
We’ll continue to watch on Monday.
